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Executive Director & Actuary, Global Life Insurance Valuation
Education Requirements: Bachelor’s degree in Math, Finance, Actuarial Sciences, Statistics or related field.
Other Requirements: Include:
- 7+ years of actuarial experience in life insurance/reinsurance.
- Prior management experience.
- Advanced PC and technical skills, including database applications (Access, Oracle, SQL or equivalent technology), spreadsheets, statistical programs and actuarial software (TAS, AXIS, Prophet, or equivalent).
- Highly advanced ability to model various insurance products and reinsurance structures.
- Demonstrated knowledge of life insurance, longevity, institutional and/or annuity products.
- Expert knowledge of GAAP, Statutory, and Tax valuation and financial reporting.
- Highly advanced people management skills, demonstrating the ability to lead, mentor, and develop associates; including the ability to delegate key areas of responsibility.
- Highly advanced oral and written communication skills, demonstrating the ability to convey business terminology that is meaningful and well received by all stakeholders, including customers and associates.
- Highly advanced interpersonal skills, demonstrating the ability to work effectively with different disciplines, including pricing, investments, accounting, systems, and administration.
- Highly advanced project management skills. Demonstrates an ability to evaluate project objectives and scope for feasibility and understanding.
- Highly advanced ability to translate business needs and problems into viable/accepted solutions.
- Highly advanced ability to manage multiple projects and/or teams simultaneously.
- Highly advanced ability to liaise with individuals across a wide variety of operational, functional, and technical disciplines.
- Highly advanced persuasion and negotiation skills when working with internal/external customers.
- Ability to work independently and to work well within a team environment and participate in department projects.
- CFA, PRMIA PRM, GARP FRM, or other such financial risk management designation.
- Stochastic modeling and/or asset liability management experience.
- Familiarity with deferred and immediate annuities, including equity-indexed and/or variable annuities.
- Familiarity with fixed income investments, understanding of asset modeling techniques and capital markets.
- Understanding of pension and other longevity products.
- Expert knowledge of local regulatory environments.
- Reinsurance industry and/or merger and acquisition experience.
- Prophet expertise in ALS and at least one liability library with preferred expertise in at least one of the summary or GAAP cohort libraries.
Salary Range: $150k to $160k base + 15% target bonus
Description: This is one of the many actuary jobs Mid America Search has. Our Client is one of the largest global providers of life reinsurance, with offices around the world. The Executive Director & Actuary, Global Life Insurance Valuation is a leader within a high performing group that conducts financial reporting and analysis for a wide range of US and International products underlying our Client’s Non-Traditional reinsurance treaties. Products include Variable and Fixed annuities, Fixed Index Annuities, Payout Annuities, Universal Life, various derivatives, and Longevity Swaps. While the focus is on US GAAP reporting and planning, the role also includes production and analysis of other important metrics, including US Statutory reserves, Tax, Solvency II, ORSA, Cash Flow Testing, Economic Capital, and Embedded Value. This role will also be heavily involved with some of the latest industry initiatives such as IFRS 17 and US GAAP targeted improvements. Communication with key executives at the company along with maintaining excellent relationships with Global Administration, Finance, Pricing and Risk Management teams are components of the role. Duties and responsibilities include:
- Contributes to the ongoing enhancement of the reporting process by developing and updating actuarial assumptions and models. Maintains, documents, and supports results, approaches, and controls used to produce and monitor results.
- Lead analysis of US GAAP, Local Statutory and US Tax valuation results for assigned business and ensures these items are appropriately documented and posted under required deadlines.
- Oversees the development of projections for financial planning as well as for other important initiatives such as ORSA, PBEC, Embedded Value, etc.; communicates the appropriate financial analytics, including a discussion of major drivers of variance.
- Produces asset projections and work with investment on understanding the variance.
- Play a critical role in high profile projects such as US GAAP Targeted Improvements and IFRS 17.
- Act as a subject matter expert on assigned business, including monitoring company experiences and producing high quality documentation.
- Performs supervisory duties including, but not limited to, hiring, training, evaluating, coaching, and disciplining direct reports; Fosters a positive and engaged work environment; Mentors associates and gives guidance on associate development.
- Serves as a liaison with other lines of business and company functions/departments to promote improvement in valuation and financial analysis for assigned business.
- Track and review SOX controls to ensure quality and integrity of financial reports.
- Respond to stakeholder requests in a timely manner.